Jersey City, NJ · Member since 2013 · 9 posts · 5 votes
Hi Everyone,
Does anyone invest in Greenville, NJ? I know it is not the best area.
I just bought a two family right near the Danforth Ave light rail station, and I have considered getting my license for a while to help other investors.
So my question is, is there a need for investor focused agents in Greenville?
I'm a realtor and do business in Greenville. There's a lot of activity going on there now. There are approx 600 vacant properties in Greenville and it's a shame for the neighborhood and for the city.
Of course, as we all know, getting vacant properties is one of the more difficult tasks for the investor/agent. There are multiple reasons for this and there are multiple strategies for finding the owners.
And, frequently, there are issues with the property, such as mortgage liens being greater than value or title issues. With a ton of persistence, these are all solvable issues, but it's a pain in the butt.
Google "finding owners of vacant properties" for good ideas on this.
My advice on short sales is this: it's not rocket science, but takes persistence and diligent record keeping and follow up. Banks just toss files on a pile and frequently make mistakes. Keep digging, pushing and calling, calling, calling. Trust me, they won't call you. Additionally, be aware that a short sale requires a licensed real estate agent, per most banks protocols. The short sale must be marketed on the MLS in open competition to obtain the best price for the bank. At least, that's been my experience. Your mileage may vary...
Greenville is not for everyone, many investors shy away from there. However, I think the ROI on Greenville is probably the highest of any area in JC. You can get good rent rolls there if developed properly.
Im about to close on a 2 family right next to MLK lightrail in JC/Greenville. Taxes are going up a bit, but numbers are still ok. Would love to hear if anyone has anything right around there. Place is 2 streets from MLK station so commute to NYC is great, would need 2000/m+ for the 4bed 1 bath to rent upstairs to make sense. No parking, no washer dryer big negatives at this point. Building recently remodeled from single fam to 2 fam, so inside new (quick rehab job tho). Area seems as said before, more of a war zone still. Not sure how safe it is to walk around and the rental returns.
@ Drew Slew I'm also in the same situation, completing now rehab 2 blocks from mlk light rail and I'm confident that I will get 2k for a 4 BR, but this is not general, in this area i would say it depends street by street, mine is more to bergen laffeyte side.
@Arjav Parikh - hi Arjay. I saw your posting about your investments in the Greenville area. I was wondering if you would be open to sharing some of the challenges you had in Greenville. I am currently looking at a property on Winfield Ave . I look forward to your response.
I owned a few many 6 families in the neighborhood for 6-7 years. Like many people mentioned, it is a tough neighborhood. Turnover of tenant was high, making apartments rent ready after turnover was expensive, etc.
If you want connect and give me a call, it will be easier to provide details and share lessons learnt.